Regulatory Alerts1994-09-14
Added · Updated
Designation of Stockbrokers as Agents Authorized to Pool Funds for Money-Lending Transactions
The South African Reserve Bank, via Deputy Registrar of Banks Christo Floris Wiese, designates stockbrokers as authorized agents to pool lenders' funds for money-lending transactions with banks. The notice mandates strict operational conditions, including prior JSE committee approval, standardized written agency agreements, daily account reconciliation, monthly BDA-system statements, and secure deposit handling. Stockbrokers must maintain segregated accounts, provide transparent reporting to lenders, and ensure full compliance with the Banks Act, 1990, and JSE rules.
More like this from SARB
SARB published 1 document in the last 30 days. We email you each new one the day it's published.
Topics
Share